特许金融分析师（CFA）Level1考前特训复习试题库300题（含答案）

特许金融分析师（CFA）Level1考前特训复习试题库300题（含答案）1.Acompanychoosestochangeanaccountingpolicy.Thischangerequiresthat,ifpractical,thecompanyrestateitsfinancialstatementsfor:A、allpriorperiods.B、currentandfutureperiods.C、priorperiodsshowninareport.答案：C解析：Ciscorrect.Ifacompanychangesanaccountingpolicy,thefinancialstatementsforallfiscalyearsshowninacompany’sfinancialreportarepresented,ifpractical,asifthenewlyadoptedaccountingpolicyhadbeenusedthroughouttheentireperiod;thisretrospectiveapplicationofthechangemakesthefinancialresultsofanyprioryearsincludedinthereportcomparable.Notestothefinancialstatementsdescribethechangeandexplainthejustificationforthechange.2.Anexampleofanexpenseclassificationbyfunctionis:A、taxexpense.B、interestexpense.C、costofgoodssold.答案：C解析：Ciscorrect.Costofgoodssoldisaclassificationbyfunction.Theothertwoexpensesrepresentclassificationsbynature.3.Whichofthefollowingdisclosuresregardingnewaccountingstandardsprovidesthemostmeaningfulinformationtoananalyst?A、Theimpactofadoptionisdiscussed.B、Thestandardwillhavenomaterialimpact.C、Managementisstillevaluatingtheimpact.答案：A解析：Aiscorrect.Adiscussionoftheimpactwouldbethemostmeaningful,althoughBwouldalsobeuseful.4.Totalassets42,497;Totalequity25,540;Totalliabilities16,958;Cashandcashequivalents4,011;Otherfinancialassets990;Tradeandotherreceivables5,899;Othernon-financialassets725;Taxassets306.Totalcurrentliabilities10,210;Totalnon-currentliabilities6,747UsingtheinformationpresentedinExhibit

4ofthereading,thequickratioforSAPGroupat31December

2017isclosestto:A、1.00.B、1.07.C、1.17.答案：B解析：Biscorrect.Thequickratio([Cash+Marketablesecurities+Receivables]÷Currentliabilities)is1.07([=€4,011

+€990

+€5,899]÷€10,210).Asnotedinthetext,thelargestcomponentofthecurrentfinancialassetsareloansandotherfinancialreceivables.Thus,financialassetsareincludedinthequickratiobutnotthecashratio.【预付款不算】5.Debtduewithinoneyearisconsidered:A、current.B、preferred.C、convertible.答案：A解析：Aiscorrect.Currentliabilitiesarethoseliabilities,includingdebt,duewithinoneyear.Preferredreferstoaclassofstock.Convertiblereferstoafeatureofbonds(orpreferredstock)allowingtheholdertoconverttheinstrumentintocommonstock.6.During2009,AccentToysPlc.,whichbeganbusinessinOctoberofthatyear,purchased10,000unitsofatoyatacostof₤10perunitinOctober.ThetoysoldwellinOctober.InanticipationofheavyDecembersales,Accentpurchased5,000additionalunitsinNovemberatacostof₤11perunit.During2009,Accentsold12,000unitsatapriceof₤15perunit.Underthefirstin,firstout(FIFO)method,whatisAccent’scostofgoodssoldfor2009?A、₤120,000.B、₤122,000.C、₤124,000.答案：B解析：Biscorrect.Underthefirstin,firstout(FIFO)method,thefirst10,000unitssoldcamefromtheOctoberpurchasesat£10,andthenext2,000unitssoldcamefromtheNovemberpurchasesat£11.7.Moneyreceivedfromcustomersforproductstobedeliveredinthefutureisrecordedas:A、revenueandanasset.B、anassetandaliability.C、revenueandaliability.答案：B解析：Biscorrect.Thecashreceivedfromcustomersrepresentsanasset.Theobliga_x005ftiontoprovideaproductinthefutureisaliabilitycalled“unearnedincome”or“unearnedrevenue.”Astheproductisdelivered,revenuewillberecognizedandtheliabilitywillbereduced.8.Aninvestorconcernedwhetheracompanycanmeetitsnear-termobligationsismostlikelytocalculatethe:A、currentratio.B、returnontotalcapital.C、financialleverageratio.答案：A解析：Aiscorrect.Thecurrentratioprovidesacomparisonofassetsthatcanbeturnedintocashrelativelyquicklyandliabilitiesthatmustbepaidwithinoneyear.Theotherratiosaremoresuitedtolonger-termconcerns.9.Foritsfiscalyear-end,CalvanWaterCorporation(CWC)reportednetincomeof$12

millionandaweightedaverageof2,000,000commonsharesoutstanding.Thecompanypaid$800,000inpreferreddividendsandhad100,000optionsoutstandingwithanaverageexercisepriceof$20.CWC’smarketpriceovertheyearaveraged$25pershare.CWC’sdilutedEPSisclosestto:A、$5.33.B、$5.54.C、$5.94.答案：B解析：Biscorrect.TheformulatocalculatedilutedEPSisasfollows:DilutedEPS=(Netincome–Preferreddividends)/[Weightedaveragenumberofsharesoutstanding+(Newsharesthatwouldhavebeenissuedatoptionexercise–Sharesthatcouldhavebeenpurchasedwithcashreceiveduponexercise)×(Proportionofyearduringwhichthefinancialinstrumentswereoutstanding)].Theunderlyingassumptionisthatoutstandingoptionsareexercised,andthentheproceedsfromtheissuanceofnewsharesareusedtorepurchasesharesalreadyoutstanding:行权改变的是股数，行权增发的股票，一部分被公司拿到钱按市场价购买注销，市场上总数多出来的部分则是抵消后还多出来的。Proceedsfromoptionexercise=100,000

×$20

=$2,000,000Sharesrepurchased=$2,000,000/$25

=80,000Thenetincreaseinsharesoutstandingisthus100,000–80,000

=20,000.Therefore,thedilutedEPSforCWC=($12,000,000–$800,000)/2,020,000

=$5.54.10.Forfinancialassetsclassifiedasavailableforsale,howareunrealizedgainsandlossesreflectedinshareholders’equity?A、Theyarenotrecognized.B、Theyflowthroughretainedearnings.C、Theyareacomponentofaccumulatedothercomprehensiveincome.答案：C解析：Ciscorrect.Forfinancialassetsclassifiedasavailableforsale,unrealizedgainsandlossesarenotrecordedontheincomestatementandinsteadarepartofothercomprehensiveincome.AccumulatedothercomprehensiveincomeisacomponentofShareholders’equity11.Whattypeofauditopinionispreferredwhenanalyzingfinancialstatements?A、Qualified.B、Adverse.C、Unqualified.答案：C解析：Ciscorrect.Anunqualifiedopinionisa“clean”opinionandindicatesthatthefinancialstatementspresentthecompany’sperformanceandfinancialpositionfairlyinaccordancewithaspecifiedsetofaccountingstandards.12.Whichofthefollowingwouldananalystmostlikelybeabletodeterminefromacommon-sizeanalysisofacompany’sbalancesheetoverseveralperiods?A、Anincreaseordecreaseinsales.B、Anincreaseordecreaseinfinancialleverage.C、Amoreefficientorlessefficientuseofassets.答案：B解析：Biscorrect.Common-sizeanalysis(aspresentedinthereading)providesinformationaboutcompositionofthebalancesheetandchangesovertime.Asaresult,itcanprovideinformationaboutanincreaseordecreaseinacompany’sfinancialleverage.13.Whichofthefollowingismostlikelynotanobjectiveoffinancialstatements?A、Toprovideinformationabouttheperformanceofanentity.B、Toprovideinformationaboutthefinancialpositionofanentity.C、Toprovideinformationabouttheusersofanentity’sfinancialstatements.答案：C解析：Ciscorrect.Financialstatementsprovideinformation,includinginformationabouttheentity’sfinancialposition,performance,andchangesinfinancialposition,tousers.Theydonottypicallyprovideinformationaboutusers.14.Theroleoffinancialstatementanalysisisbestdescribedas:A、providinginformationusefulformakinginvestmentdecisions.B、evaluatingacompanyforthepurposeofmakingeconomicdecisions.C、usingfinancialreportspreparedbyanalyststomakeeconomicdecisions.答案：B解析：Theprimaryroleoffinancialstatementanalysisistousefinancialreportspreparedbycompaniestoevaluatetheirpast,current,andpotentialperformanceandfinancialpositionforthepurposeofmakinginvestment,credit,andothereconomicdecisions.15.Anindependentauditreportismostlikelytoprovide:A、bsoluteassuranceabouttheaccuracyofthefinancialstatements.B、reasonableassurancethatthefinancialstatementsarefairlypresented.C、aqualifiedopinionwithrespecttothetransparencyofthefinancialstatements.答案：B解析：Biscorrect.Theindependentauditreportprovidesreasonableassurancethatthefinancialstatementsarefairlypresented,meaningthatthereisahighprobabilitythattheauditedfinancialstatementsarefreefrommaterialerror,fraud,orillegalactsthathaveadirecteffectonthefinancialstatements.16.Whichofthefollowingelementsoffinancialstatementsismostcloselyrelatedtomeasurementofperformance?A、Assets.B、Expenses.C、Liabilities.答案：B解析：Biscorrect.Theelementsoffinancialstatementsrelatedtothemeasureofperformanceareincomeandexpenses.问题是财务成绩，如果是财务状况择时ALE17.Cashandcashequivalents5(5/7);Marketablesecurities5(0/2);Accountsreceivable,net5(15/12);Inventories15(20/16);Prepaidexpenses5(15/11);Totalcurrentassets35(55/48);Goodwill25(0/8);Totalassets100(100/100);Totalcurrentliabilities35;(25/28)Totalshareholders’equity20(45/37);(公司B/行业均值)BasedonExhibit1,whichratioindicateslowerliquidityriskforCompanyAcomparedwithCompanyB?A、CashratioB、QuickratioC、Currentratio答案：A解析：Aiscorrect.Thecashratioisdefinedas(Cash+Marketablesecurities)/Currentliabilities.CompanyA’scashratio,(5

+5)/35

=0.29,ishigherthan(5

+0)/25

=0.20forCompanyB.18.Theassumptionthattheeffectsoftransactionsandothereventsarerecognizedwhentheyoccur,notwhenthecashflowsoccur,iscalled:A、relevance.B、accrualbasis.C、goingconcern.答案：B解析：Biscorrect.Accrualbasisreflectstheeffectsoftransactionsandothereventsbeingrecognizedwhentheyoccur,notwhenthecashflows.Theseeffectsarerecordedandreportedinthefinancialstatementsoftheperiodstowhichtheyrelate.19.Theinitialmeasurementofgoodwillismostlikelyaffectedby:A、anacquisition’spurchaseprice.B、theacquiredcompany’sbookvalue.C、thefairvalueoftheacquirer’sassetsandliabilities.答案：A解析：Aiscorrect.Initially,goodwillismeasuredasthedifferencebetweenthepurchasepricepaidforanacquisitionandthefairvalueoftheacquired,notacquiring,company’snetassets(identifiableassetslessliabilities).20.Whichofthefollowingbestdescribestheroleoffinancialstatementanalysis?A、Toprovideinformationaboutacompany’sperformanceB、Toprovideinformationaboutacompany’schangesinfinancialpositionC、Toformexpectationsaboutacompany’sfutureperformanceandfinancialPosition答案：C解析：Ingeneral,analystsseektoexaminethepastandcurrentperformanceandfinancialpositionofacompanyinordertoformexpectationsaboutItsfutureperformanceandfinancialposition.21.Thevaluationtechniqueunderwhichassetsarerecordedattheamountthatwouldbereceivedinanorderlydisposalis:A、currentcost.B、presentvalue.C、realizablevalue.答案：C解析：Ciscorrect.Theamountthatwouldbereceivedinanorderlydisposalisrealiz_x0002_ablevalue.22.WhichinventorymethodisleastlikelytobeusedunderIFRS?A、Firstin,firstout(FIFO).B、Lastin,firstout(LIFO).C、Weightedaverage.答案：B解析：Biscorrect.Thelastin,firstout(LIFO)methodisnotpermittedunderIFRS.Theothertwomethodsarepermitted.23.Eric’sUsedBookStorepreparesitsfinancialstatementsinaccordancewithIFRS.Inventorywaspurchasedfor£1millionandlatermarkeddownto£550,000.Oneofthebooks,however,waslaterdiscoveredtobeararecollectibleitem,andtheinventoryisnowworthanestimated£3million.Theinventoryismostlikelyreportedonthebalancesheetat:A、£550,000.B、£1,000,000.C、£3,000,000.答案：B解析：Biscorrect.存货恢复不能超原值！国际可以回复，美国准则选成本与市场价低者，以后也不能升值回去。UnderIFRS,thereversalofwrite-downsisrequiredifnetrealisablevalueincreases.Theinventorywillbereportedonthebalancesheetat£1,000,000.Theinventoryisreportedatthelowerofcostornetrealisablevalue.UnderUSGAAP,inventoryiscarriedatthelowerofcostormarketvalue.Afterawrite-down,anewcostbasisisdeterminedandadditionalrevisionsmayonlyreducethevaluefurther.Thereversalofwrite-downsisnotpermitted.24.WhatisthevalueofendinginventoryforthefrstquarterifthecompanyusesaperpetualLIFOinventoryvaluationmethod?Date2Jan1,000$20.00UnitsPurchasedPrice17Jan500$50.00UnitsSoldSellingPrice16Feb1,000$18.00UnitsPurchasedPrice3Mar1,200$50.00UnitsSoldSellingPrice13Mar1,000$17.00UnitsPurchasedPrice23Mar500$50.00800UnitsSoldSellingPriceA、$14,500B、$15,000C、$16,000答案：A解析：Aiscorrect.Aperpetualinventorysystemupdatesinventoryvaluesandquantitiesandcostofgoodssoldcontinuouslytoreflectpurchasesandsales.Theendinginventoryof800unitsconsistsof300unitsat$20and500unitsat$17.(300×$20)+(500×$17)=$14,50025.Carryinginventoryatavalueaboveitshistoricalcostwouldmostlikelybepermittedif:A、theinventorywasheldbyaproducerofagriculturalproducts.B、financialstatementswerepreparedusingUSGAAP.C、thechangeresultedfromareversalofapreviouswrite-down.答案：A解析：Aiscorrect.IFRSallowtheinventoriesofproducersanddealersofagriculturalandforestproducts,agriculturalproduceafterharvest,andmineralsandmineralproductstobecarriedatnetrealisablevalueevenifabovehistoricalcost.(USGAAPtreatmentissimilar.)只有大宗商品可以，因为适用市场公允价格，其他情况存货不能高于进货成本。26.BrownCorporationhadaveragedaysofsalesoutstandingof19daysinthemostrecentfiscalyear.Brownwantstoimproveitscreditpoliciesandcollectionpracticesanddecreaseitscollectionperiodinthenextfiscalyeartomatchtheindustryaverageof15days.Creditsalesinthemostrecentfiscalyearwere$300

million,andBrownexpectscreditsalestoincreaseto$390

millioninthenextfiscalyear.ToachieveBrown’sgoalofdecreasingthecollectionperiod,thechangeintheaverageaccountsreceivablebalancethatmustoccurisclosestto:A、+$0.41million.B、–$0.41million.C、–$1.22million.答案：A解析：Aiscorrect.Theaverageaccountsreceivablebalances(actualanddesired)mustbecalculatedtodeterminethedesiredchange.Theaverageaccountsreceivablebalancecanbecalculatedasanaverageday’screditsalestimestheDSO.Forthemostrecentfiscalyear,theaverageaccountsreceivablebalanceis$15.62

million[=($300,000,000/365)×19].Thedesiredaverageaccountsreceivablebalanceforthenextfiscalyearis$16.03

million(=($390,000,000/365)×15).Thisisanincreaseof$0.41

million(=16.03

million–15.62

million).Analternativeapproachistocalculatetheturnoveranddividesalesbyturnovertodeterminetheaverageaccountsreceivablebalance.Turnoverequals365dividedbyDSO.Turnoveris19.21(=365/19)forthemostrecentfiscalyearandistargetedtobe24.33(=365/15)forthenextfiscalyear.Theaverageaccountsreceivablebalancesare$15.62

million(=$300,000,000/19.21),and$16.03

million(=$390,000,000/24.33).Thechangeisanincreaseinreceivablesof$0.41

million27.In2018,acompanyusingUSGAAPmadecashpaymentsof$6

millionforsalaries,$2

millionforinterestexpense,and$4

millionforincometaxes.Additionalinformationforthecompanyisprovidedinthetable:20172018Revenue4237Costofgoodssold1816Inventory3640Accountsreceivable2219Accountspayable1412Basedonlyontheinformationgiven,thecompany’soperatingcashflowfor2018isclosestto:A、$6million.B、$10million.C、$14million.答案：A解析：Aiscorrect.Operatingcashflows=Cashreceivedfromcustomers–(Cashpaidtosuppliers+Cashpaidtoemployees+Cashpaidforotheroperatingexpenses+Cashpaidforinterest+Cashpaidforincometaxes)Cashreceivedfromcustomers=Revenue+Decreaseinaccountsreceivable

=$37

+$3

=$40

millionCashpaidtosuppliers=Costofgoodssold+Increaseininventory+Decreaseinaccountspayable

=$16

+$4

+$2

=$22

millionTherefore,thecompany’soperatingcashflow=$40–$22–Cashpaidforsalaries–Cashpaidforinterest–Cashpaidfortaxes=$40–$22–$6–$2–$4

=$6

million.28.“Increasedcompetitionmayleadtolowerunitsalesandexcessproductioncapacityandexcessinventory.ismayresultinafurtherdownwardpricepressure.”edownwardpricepressurecouldleadtoinventorythatisvaluedabovecurrentmarketpricesornetrealisablevalue.Anywrite-downsofinventoryareleastlikelytohaveasignicanteectontheinventoryvaluedusing:A、weightedaveragecost.B、rst-in,rst-out(FIFO).C、last-in,rst-out(LIFO).答案：B解析：Biscorrect.Ifpriceshavebeendecreasing,write-downsunderFIFOareleastlikelytohaveasignificanteffectbecausetheinventoryisvaluedatclosertothenew,lowerprices.Typically,inventoriesvaluedusingLIFOarelesslikelytoincurinventorywrite-downsthaninventoriesvaluedusingweightedaveragecostorFIFO.UnderLIFO,theoldestcostsarereflectedintheinventorycarryingvalueonthebalancesheet.Givenincreasinginventorycosts,theinventorycarryingvaluesundertheLIFOmethodarealreadyconservativelypresentedattheoldestandlowestcosts.Thus,itisfarlesslikelythatinventorywrite-downswilloccurunderLIFO;andifawrite-downdoesoccur,itislikelytobeofalessermagnitude.29.Thesaleofabuildingforcashwouldbeclassifiedaswhattypeofactivityonthecashflowstatement?A、Operating.B、Investing.C、Financing.答案：B解析：Biscorrect.Purchasesandsalesoflong-termassetsareconsideredinvestingactivities.Notethatifthetransactionhadinvolvedtheexchangeofabuildingforotherthancash(forexample,foranotherbuilding,commonstockofanothercompany,oralong-termnotereceivable),itwouldhavebeenconsideredasignificantnon-cashactivity.30.Annan’sstatementregardingtheperpetualandperiodicinventorysystemsismostsignificantwhenwhichofthefollowingcostingsystemsisused?A、LIFOB、FIFO.C、Specicidentication.答案：A解析：Aiscorrect.ThecarryingamountoftheendinginventorymaydifferbecausetheperpetualsystemwillapplyLIFOcontinuouslythroughouttheyear,liquidatinglayersassalesaremade.Undertheperiodicsystem,thesaleswillstartfromthelastlayerintheyear.UnderFIFO,thesaleswilloccurfromthesamelayersregardlessofwhetheraperpetualorperiodicsystemisused.Specificidentificationidentifiestheactualproductssoldandremainingininventory,andtherewillbenodifferenceunderaperpetualorperiodicsystem.31.CinnamonCorp.startedbusinessin2017andusestheweightedaveragecostmethod.During2017,itpurchased45,000unitsofinventoryat€10eachandsold40,000unitsfor€20each.In2018,itpurchasedanother50,000unitsat€11eachandsold45,000unitsfor€22each.Its2018costofsales(€thousands)wasclosestto:A、€490.B、€491.C、€495.答案：B解析：统计时别忘了过去的已经消耗，记录的剩余的存货和新进的存货的均价。Biscorrect.Cinnamonusestheweightedaveragecostmethod,soin2018,5,000unitsofinventorywere2017unitsat€10eachand50,000were2008purchasesat€11.Theweightedaveragecostofinventoryduring2008wasthus(5,000

×10)+(50,000

×11)=50,000

+550,000

=€600,000,andtheweightedaveragecostwasapproximately€10.91

=€600,000/55,000.Costofsaleswas€10.91

×45,000,whichisapproximately€490,950.32.Awritedownofthevalueofinventorytoitsnetrealizablevaluewillhaveapositiveeffectonthe:A、balancesheet.B、incomestatement.C、inventoryturnoverratio.答案：C解析：Ciscorrect.Activityratios(forexample,inventoryturnoverandtotalassetturnover)willbepositivelyaffectedbyawritedowntonetrealizablevaluebecausetheassetbase(denominator)isreduced.Onthebalancesheet,theinventorycarryingamountiswrittendowntoitsnetrealizablevalueandthelossinvalue(expense)isgenerallyreflectedontheincomestatementincostofgoodssold,thusreducinggrossprofit,operatingprofit,andnetincome.33.ThecostsleastlikelytobeincludedbytheCFOasinventoryare:A、storagecostsforthechocolateliquor.B、excisetaxespaidtothegovernmentofBrazilforthecacaobeans.C、storagecostsforchocolateandpurchasedfinishedgoodsawaitingshipmenttocustomers.答案：C解析：Ciscorrect.Thestoragecostsforinventoryawaitingshipmenttocustomersarenotcostsofpurchase,costsofconversion,orothercostsincurredinbringingtheinventoriestotheirpresentlocationandconditionandarenotincludedininventory.Thestoragecostsforthechocolateliquoroccurduringtheproductionprocessandarethuspartoftheconversioncosts.Excisetaxesarepartofthepurchasecost.34.LIFOfiguresintoFIFOfigures,LIFOReserve77.Comparedwithitsunadjusteddebt-to-equityratio,Mikko’sdebt-to-equityratioasof31December

2018,aftertheadjustmentssuggestedbyGroff,is:A、lower.B、higher.C、thesame.答案：A解析：Aiscorrect.Mikko’sadjusteddebt-to-equityratioislowerbecausethedebt(numerator)isunchangedandtheadjustedshareholders’equity(denominator)ishigher.Theadjustedshareholders’equitycorrespondstoshareholders’equityunderFIFO,excludingchargesforincreasesinvaluationallowances.Therefore,adjustedshareholders’equityishigherthanreported(unadjusted)shareholders’equity.35.Acreditormostlikelywouldconsideradecreaseinwhichofthefollowingratiostobepositivenews?A、Interestcoverage(timesinterestearned).B、Debt-to-totalassets.C、Returnonassets.答案：B解析：Biscorrect.Ingeneral,acreditorwouldconsideradecreaseindebttototalassetsaspositivenews.Ahigherlevelofdebtinacompany’scapitalstructureincreasestheriskofdefaultandwill,ingeneral,resultinhigherborrowingcostsforthecompanytocompensatelendersforassuminggreatercreditrisk.Adecreaseineitherinterestcoverageorreturnonassetsislikelytobeconsiderednegativenews.36.31MarchPeriodicLIFOPerpetualFIFOSales$110,000$110,000Endinginventory$16,000$13,600Costofgoodssold$39,000$41,400Grossprofit$71,000$68,600PerpetualLIFO,ISales$110,000,Inventoryturnoverratio279%Whichinventoryaccountingmethodresultsinthelowestinventoryturnoverratioforthefirstquarter?A、PeriodicLIFOB、PerpetualLIFOC、PerpetualFIFO答案：A解析：AiscorrectInanenvironmentwithfallinginventorycostsanddeclininginventorylevels,periodicLIFOwillresultinahigherendinginventoryvalueandlowercostofgoodssoldversusperpetualLIFOandperpetualFIFOmethods.Thisresultsinalowerinventoryturnoverratio,whichiscalculatedasfollows:Inventoryturnoverratio=Costofgoodssold/EndinginventoryTheinventoryturnoverratiousingperiodicLIFOis$39,000/$16,000

=244%or2.44times.TheinventoryturnoverratiousingperpetualLIFOis279%or2.79times,whichisprovidedinTable

2(=40,500/14,500frompreviousquestion).TheinventoryturnoverforperpetualFIFOis$41,400/$13,600

=304%or3.04times.37.AdecompositionofROEforIntegraSAisasfollows:FY12FY11ROE18.90%18.90%Taxburden0.700.75Interestburden0.900.90EBITmargin10.00%10.00%Assetturnover1.501.40Leverage2.002.00WhichofthefollowingchoicesbestdescribesreasonableconclusionsananalystmightmakebasedonthisROEdecomposition?A、ProtabilityandtheliquiditypositionbothimprovedinFY12.B、ThehigheraveragetaxrateinFY12offsettheimprovementinprofitability,leavingROEunchanged.C、ThehigheraveragetaxrateinFY12offsettheimprovementineffciency,leavingROEunchanged.答案：C解析：Ciscorrect.TheincreaseintheaveragetaxrateinFY12,asindicatedbythedecreaseinthevalueofthetaxburden(thetaxburdenequalsoneminustheaveragetaxrate),offsettheimprovementinefficiencyindicatedbyhigherassetturnover)leavingROEunchanged.TheEBITmargin,measuringprofitability,wasunchangedinFY12andnoinformationisgivenonliquidity.税盾是1-税率，所以税赋增加了。但是EBIT没有边说，所以B不对，两者没有关系，但是C中ROA增加了，即资产有效性增加了抵消了税的影响。38.WhichofthefollowingisanexampleofafinancingactivityonthecashflowstatementunderUSGAAP?A、Paymentofinterest.B、Receiptofdividends.C、Paymentofdividends.答案：C解析：Ciscorrect.PaymentofdividendsisafinancingactivityunderUSGAAP.PaymentofinterestandreceiptofdividendsareincludedinoperatingcashflowsunderUSGAAP.NotethatIFRSallowcompaniestoincludereceiptofinterestanddividendsaseitheroperatingorinvestingcashflowsandtoincludepaymentofinterestanddividendsaseitheroperatingorfinancingcashflows.在GAAP中只有Paymentofdividends是CFF其他都为CFO，因为支付的股息分红肯定是金融目的，收到的分红可能是投资目的也可能是经营不好区分都归于CFO39.LIFOReserveAsof31December

201855,Costofgoodssolda3,120（Chargesincludedincostofgoodssoldforinventorywrite-downs*13）,2017Inventorygross465.2018Inventory,gross480。LIFOReserve201855；201772。Crux’sinventoryturnoverratiocomputedasof31December

2018,aftertheadjustmentssuggestedbyGroff(LIFOfiguresintoFIFOfigures),isclosestto:A、5.67.B、5.83.C、6.13.答案：B解析：1、COGS(adjusted)=COGS(LIFOmethod)–Chargesincludedincostofgoodssoldforinventorywrite-downs–ChangeinLIFOreserve等于=COGS(LIFOmethod)-扣减减值的-△LIFOreserve=$3,120

million–13

million–(55

million–72

million)

=$3,124

million2、Averageinventory：Endinginventory(FIFO)=Endinginventory(LIFO)+LIFOreserve=两年每年的毛存货+LIFOreserve，年化均值处理Endinginventory2018(FIFO)=$480

+55

=$535Endinginventory2017(FIFO)=$465

+72

=$537Averageinventory=($535

+537)/2

=$5363、Inventoryturnoverratio=COGS/Averageinventory=$3,124/$536

=5.83Note:MinusthechangeinLIFOreserveisequivalenttoplusthedecreaseinLIFOreserve.TheadjustedinventoryturnoverratioiscomputedusingaverageinventoryunderFIFO.40.Whichcompany’sgrossprofitmarginwouldbestreflectcurrentcostsoftheindustry?C、MLIFO（ReserveC-，M+），RFIFOReserve=0A、Crux’s.B、Rolby’s.C、Mikko’s.答案：C解析：Ciscorrect.Mikko’sandCrux’sgrossmarginratioswouldbetterreflectthecurrentgrossmarginoftheindustrythanRolbybecausebothuseLIFO.LIFOrecognizesascostofgoodssoldthecostofthemostrecentlypurchasedunits,therefore,itbetterreflectsreplacementcost.后进先出法更能反映当期的盈利情况，同样LIFO，C的Reserve再减少，说明逐年在消耗原来的库存，相比M没有那么反映当期的存货利润。However,Mikko’sgrossmarginratiobestreflectsthecurrentgrossmarginoftheindustrybecauseCrux’sLIFOreserveisdecreasing.ThiscouldreflectaLIFOliquidationbyCruxwhichwoulddistortgrossprofitmargin.41.Aconversionofafacevalue$1

millionconvertiblebondfor$1

millionofcommonstockwouldmostlikelybe:A、reportedasa$1millioninvestingcashinflowandoutflow.B、reportedasa$1millionfinancingcashoutflowandinflow.C、reportedassupplementaryinformationtothecashflowstatement.答案：C解析：Ciscorrect.Non-cashtransactions,ifsignificant,arereportedassupplementaryinformation,notintheinvestingorfinancingsectionsofthecash